No Chinese firm given inexperienced sign to spend money on India: Government sources

No Chinese firm has been given the inexperienced sign to spend money on India and no such proposal has been into consideration to be accepted as of now. India will proceed to intently watch China’s subsequent steps alongside the Line of Actual Control (LAC) and will not rush to raise restrictions on investments from Bejing, our reporter quoted government sources.

This comes a day after some studies had been revealed in worldwide media stating that India was set to clear 45 funding proposals from China, together with these from Great Wall Motor and SAIC Motor Corp. However, a day later sources denied that the government has given approval to 45 Chinese FDI proposals. Sources additionally mentioned that the pending Chinese FDI proposals had been nonetheless beneath scrutiny.

Only a day in the past, Reuters had quoted a government and an business supply saying, “India is set to clear 45 investment proposals from China, which are likely to include those from Great Wall Motor and SAIC Motor Corp.”

“The proposals have been held up since last year after India tightened controls on Chinese investment in the country in retaliation against Chinese troop incursions in the western Himalayan region. China blamed Indian troops for the standoff,” as per the Reuters article.

“About 150 investment proposals from China worth more than USD 2 billion were stuck in the pipeline. Companies from Japan and the US routing investment through Hong Kong were also caught in the cross-fire as an inter-ministerial panel led by the interior ministry increased scrutiny of such proposals,” it added.

The report mentioned that a lot of the 45 proposals set for early approvals had been within the manufacturing sector, thought-about non-sensitive when it comes to nationwide safety. The proposals had been held up since final yr after the government tightened controls on Chinese funding within the nation amid border tensions, mentioned the report.

According to sources, solely three proposals of firms primarily based in Hong Kong had been cleared in a gathering held on January 22. These proposals had been by Citizen watches, Nippon paints and Netplay. Of the three, two are Japanese and one belongs to an NRI, sources identified. 

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